MFG (CDR Firefly 4 Limited)

Quarterly Report
June 2024
MFG-June 2024_______
Condensed Profit & Loss Statement
CDR Firefly 4 Limited

Management Commentary

Trading performance for Q2 2024 resulted in an EBITDA of £147.9m, which was £32.3m/27.9% ahead of Q2 2023. This movement is largely due to the acquisition of 337 Morrisons PFS which was successfully completed on the 29th April
for £2.5bn. In addition to the PFS network, MFG also acquired a land bank on Morrisons carparks to be developed into EV and Valet Development Areas.

Q2's underlying trading represented a continuation of the strong start to 2024. Sales volumes were l,142mL which is up 57.4% vs Q2 2023. This increase was predominantly driven by the acquisition of Morrisons PFS - slightly offset by
the divestment of 30 sites in 2023 as enforced by the CMA. The fuel margin fell to 11.48ppl compared to 13.14ppl in 2023, margins in the same quarter in 2023 were unusually high during a volatile period for product costs. The fall in
margin compared to Q2 2023 reflects both the higher margins experienced in the prior year as well as the acquisition of the Morrison's forecourts, which have a different pricing structure to the core business as they compete in the
hyper-market space. The margin for the core MFG business in Q2 was 12.56ppl and volumes were 729.5mL, which represents solid trading year on year.

The non-fuel element of the business continues to perform strongly, up 19% vs Q2 2023, driven by strong Food To Go (FTG), Shop Facility Fees and a robust Valeting performance on the core estate, reflecting the significant investment
MFG has made in its operations in recent years. Year on year EV performance continues to grow due to the ongoing and substantial investment into this business segment.

Site expenses have increased on a LFL basis, driven by substantially higher electricity costs YoY and greater site maintenance costs. Exceptional costs are predominantly acquisition (Morrisons) and financing related.

The 2024 development programme is progressing well with 15 sites open to date (14 FTG concessions) including the first Wrights FTG concession, MFG is currently onsite at a further ten sites as part of its ongoing 2024 program.

During the quarter MFG successfully launched a HY Bond. Financing closed and priced with £400m being raised at a rate of 8.625%. £75m of the RCF was repaid in June 2024. Also during June a repricing exercise was successfully
undertaken on a portion of the debt, the offering was fully subscribed and the exercise reduced the annual interest bill by c. film.

Net operating cashflow saw an inflow of £62m in the quarter, driven by strong EBITDA performance, positive movement in working capital of £56.5m, £497m of parent group investment (£650m net of buyback of minority
shareholdings) and £1.6bn of acquisition financing. This was offset by the Morrison's acquisition with (£2,066.5m) of M&A, (£33.4m) Capital Expenditure, interest payments of (£52.4m) and (£55m) of exceptional costs predominantly
relating to the Morrison's acquisition.

CEO CFO
MFG-June 2024
Condensed Profit & Loss Statement
CDR Firefly 4 Limited

£m 2024A 2023A A % vs. Prior Year 2024A 2023A A % vs. Prior Year

KPIs
# of Sites
CM Operated 843 840 0.4%
Direct Managed 30 27 11.1%
Morrison’s 337 0 -

Retail Fuel Volume (mL) 1,141.5 725.4 57.4% 1,851.7 1,455.2 27.2%
Retail Fuel Margin (PPL) 11.48 13.14 (12.6%) 11.43 12.86 (11.1%)
Retail Sales - LFL (£m.) 163.3 159.3 2.5% 310.6 312.5 (0.6%)

P&L
Sales 1,612.2 1,030.4 56.5% 2,737.3 2,155.5 27.0%
Total Fuel profit 131.0 95.3 37.5% 211.7 187.2 13.1%
Non-fuel profit
Retail 31.2 27.2 14.7% 58.2 53.2 9.4%
FTG 3.4 2.5 35.9% 6.6 4.7 38.8%
Other 22.5 18.3 23.2% 41.2 36.2 14.0%
i Gross Profit 188.1 143.2 31.3% 317.7 281.3 12.9% i
i Gross Profit Margin 11.7% 13.9% (16.1)% 11.6% 13.1% (11.1)%|

Site Expenses 30.8 18.7 (64.6%) 53.9 39.0 (38.2%)

Central Overheads 9.4 8.9 (6.2%) 18.5 17.0 (8.9%)
EBITDA 147.9 115.7 27.9% 245.3 225.3 8.9%
EBITDA Margin 9.2% 11.2% (18.3%) 9.0% 10.5% (14.3%)

Depreciation & Amortisation 14.1 12.5 (13.1%) 27.6 24.4 (13.2%)

(Gain)/Loss on sale of assets (0.5) (16.5) (0.5) (73.7)
Operating Profit 134.3 119.7 12.3% 218.2 274.6 (20.5%)

Exceptional Items 52.4 74.6 55.1 76.8

Interest and Fees Payable 84.3 60.4 (39.5%) 139.2 106.3 (30.9%)
Swap gain/loss (6.0) 4.3 241.9% (6.0) 6.7 -
Profit before Tax 3.7 (19.6) (118.9%) 29.9 84.9 (64.8%)
Tax 2.0 1.5 (33.4%) 10.0 3.0 (233.4%)
Net Income 1.7 (21.1) (108.1%) 19.9 81.9 (75.7%)

Note: In accordance with the banking agreement these accounts do not include any IFRS 16 (Lease Accounting) adjustments which are treated as statutory accounting entries only.
MFG-June 2024____________________
Portfolio Core MFG and MFG Morrison's EBITDA analysis
CDR Firefly 4 Limited

MFG Morrison's CMA Disposed 2023A less CMA 2023 PY less CMA MFG Morrison's CMA Disposed 2023A less CMA 2023 PY less CMA
£m Core MFG 2024A Portfolio 2O24A Total 2023A sites Disposals disposals Core MFG 2024A Portfolio 2024A Total 2O23A sites Disposals disposals

KPIs
« of Sites
CM Operated 843 337 1180 840 840 0.4%
Direct Managed 30 30 27 27 11.1%

Retail Fuel Volume (mL) 729.5 412.0 1141.5 725.4 4.46 721 1.2% 1,439.7 412.0 1,851.7 1,455.2 61.3 1,393.9 3.3%

Retail Fuel Margin (PPL) 12.56 9.57 11.48 13.14 9.89 13.16 (4.6%) 12.0 9.57 11.4 12.86 13.16 12.85 (6.9%)

Retail Sales - LFL (£m.) 163.3 0.0 163.3 159.9 0.64 159.3 2.5% 310.6 0.0 310.6 325.2 12.69 312.5 (0.6%)

P&L

Total Fuel profit 91.6 39.4 131.0 95.3 0.4 94.8 (3.4%) 172.3 39.4 211.7 187.2 8.1 179.1 (3.8%)

Non-fuel profit -
Retail 29.1 2.0 31.2 27.2 0.2 27.0 7.9% 56.2 2.0 58.2 53.2 2.1 51.1 10.0%
FTG 3.4 - 3.4 2.5 0.0 2.5 35.9% 6.6 6.6 4.7 0.1 4.6 41.6%
Other 21.0 1.5 22.5 18.3 0.0 18.2 15.1% 39.7 1.5 41.2 36.2 0.4 35.8 11.0%

Gross Profit 145.1 43.0 188.1 143.2 0.6 142.6 1.8% 274.8 43.0 317.7 281.3 10.71 270.6 i 12.9%

Site Expenses 23.5 7.3 30.8 18.7 (0.1) 18.7 25.4% 46.6 7.3 53.9 39.0 1.59 37.4 24.7%
Site contribution 121.6 35.7 157.3 124.5 0.7 123.9 (1.8%) 228.1 35.7 263.8 242.3 9.1 233.2 (2.2%)

Central Overheads 9.4 8.9 0.0 8.9 n/a - - 18.5 17.0 - 17.0 n/a
EBITDA 121.6 35.7 147.9 115.7 0.7 115.0 5.8% 228.1 35.7 245.3 225.3 9.1 216.19 5.5%

Note: In accordance with the banking agreement these accounts do not include any IFRS 16 (Lease Accounting) adjustments which are treated as statutory accounting entries only.
MFG-June 2024
Condensed Cash Flow Statement
CDR Firefly 4 Limited
Q2 June YTD
£m 2024A 2023A A%vs. Prior Year 2024A 2023A A % vs. Prior Year

EBITDA 147.9 115.7 27.9% 245.3 225.3 8.9%

Proceeds from sale of assets 1.5 61.4 (97.5%) 1.5 242.2 (99.4%)
Movement in Working Capital 56.5 5.0 1040.2% 68.5 (21.6) (417.0%)
Capital Expenditure (excluding M&A) (33.4) (33.9) 1.5% (61.4) (63.3) 3.0%

Unlevered Free Cash Flow 172.6 148.2 16.5% 254.0 382.6 (33.6%)
% of EBITDA 116.7% 128.1% 103.5% 169.8%

Exceptional Costs (52.4) (74.6) 29.8% (55.1) (76.8) 28.2%

Investment by parent entity 497.6 - - 497.6 - -
M&A (2,066.7) (37.5) (5404.5%) (2,068.0) (76.7) (2596.7%)
Interest and Fees (52.4) (33.3) (57.4%) (103.3) (74.8) (38.0%)
Corporation Tax Paid (1.6) (0.3) (388.2%) (10.8) (6.3) (71.2%)

Net Operating Cash Flow (1,502.8) 2.5 (61409.2%) (1,485.7) 147.9 (1104.2%)

Loan receipts 1,597.8 73.1 (2085.7%) 1,597.8 73.1 2085.7%

Loan repayments - - - - (308.0) 100.0%
Loan arrangement fees (53.0) (59.7) 11.2% (53.0) (59.7) 11.2%
Dividend Paid - (23.4) 100.0% - (23.4) (100.0%)
RCF Overdraft movement 20.0 (1.9) 1170.2% 11.9 58.1 79.6%

|Net Cash Flow 62.0 (9.4) (759.0%) 71.0 (Hl-9) (163.4%) |

Financial Indebtness:
Term Loans (2,993.7) (1,806.1) (65.8%)
HY Bond (400.0) - -
RCF Overdraft (45.0) (58.1) 22.6%
Accrued interest (58.3) (21.6) (170.2%)
Total Financial Indebtness (3,497.0) (1,885.8) (85.4%)

Cash & Cash Equivalents 234.6 174.7 34.3%

|Net Financial Debt (3,262.4) (1,711.1) (90.7%) |

Leverage Ratio Total Financial

Indebtness
LTM EBITDA 462.1
(-) PF Sites sold -
(+) PF M&A EBITDA 165.8
(+) PF M&A Synergies 40.0
Total PF EBITDA 667.8
Net Financial Debt 3,262.4
Leverage Ratio 4.89x
MFG-June 2024______________
Summary Consolidated Group Balance Sheet
CDR Firefly 4 Limited

June
£m 2024A 2023A A% vs. Prior Year

Goodwill 2,904.4 483.1 501.2%

Fixed Assets 2,813.1 1,728.8 62.7%

Stock 94.0 46.3 103.3%

Trade Debtors 143.4 59.8 139.7%
Prepayments 137.2 80.3 71.0%
Cash and Bank 234.6 174.7 34.3%
Subtotal - Current Assets 609.3 361.1 68.8%

Trade Creditors 1,350.9 393.7 (243.1%)

Other Tax 9.9 7.9 (25.6%)
Accruals 703.6 98.8 (612.1%)
Corporation Tax (0.1) (1.9) 96.5%
RCF Overdraft 45.0 58.1 22.6%
Subtotal - Current Liabilities 2,109.3 556.6 (279.0%)

Net Current Assets/Liabilities (1,500.0) (195.6) (667.0%)

Term loans 2,993.7 1,806.1 (65.8%)

HY Bond 400.0 - -
Deferred Tax 218.2 179.6 (21.4%)
Provisions 8.2 10.9 25.1%
Other Creditors

| Net Assets

Share capital
P&L Reserves
Preference shares__________
[shareholders Funds